Russia's prioritized goals are instead more short-term and concern maintaining control over occupied Ukrainian territories and strengthening the country's battered economy, according to several sources with insight for CNN.
The analysis differs from previous assessments that Putin believed he had an advantage in the war and enough soldiers to threaten.
The notion that Putin, at least temporarily, scaled down his ambitions has led US President Donald Trump and his negotiators believing that a ceasefire is possible, according to two of CNN's sources.
The proposal for a ceasefire presented in the US-led negotiations requires Ukraine to make significant concessions, while being clearly generous towards Russia.
At the same time, the US is doubting Putin's peaceful intentions. And even if Russia were to agree to a ceasefire at some point, the Russian goal is still believed to be to take more of Ukraine in the long run.
I don't want to say that he (Putin) thinks less, but that he thinks about what a reasonable short-term goal is, says a Western intelligence source to CNN.
